Some people want to say there's too little regulation. It's not that. It's just outdated, outmoded, ineffective. The architecture was put in place in a different era, and it hasn't kept pace with the evolving financial markets."
Consider that when we refer to "evolving financial markets" we're refering to moves made and instruments created that are specifically designed to skirt regulation.
One of the grossest oversimplifications that muddies our debate is to think of 'regulation' as a single activity and declare it either good or bad. Regulation can be good or bad and finacial deals can either be fair or larcenous. There is no single slogan or approach that magically makes everything fair and prosperous. And there's no such thing as a totally 'free' market.